An important note is that profits are growing at a faster rate than sales on a constant currency basis in developing markets. Russia, China, and Brazil should see even more margin accretion as innovation and local manufacturing contributes.

The company expects to make share repurchases of between $4B and $5B this year.

Good news on the diaper front: P&G's market share for diapers rose 150 bps over the last year in the U.S.